Lenders will often send out their mortgage renewals 120 days prior to your mortgage maturing. I refer to this as their “Convenience Rate” as it is generally not the best rate but appears convenient for the borrower. Oddly enough about 60% of Canadians go this route and pay a premium. Therefore it is always a good idea to contact your broker months prior to your mortgage maturing so they can begin the process and capture the best rate for you. The savings could outweigh a penalty if there is one. It’s also a good time to re-evaluate your mortgage so you won’t get charged with hidden fees or penalties down the road.